Former Boaz Yona partner: Boaz Yona was only the tool through which Mordechai Yona managed the company.
Sources inform ''Globes'' that Heftsiba Jerusalem Ltd. (TASE:HFZJ) CFO Mordechai Netanel told Israel Securities Authority investigators that Heftsiba Building Development & Investments Ltd. president Mordechai Yona knew that his son, Heftsiba Building chairman and CEO Boaz Yona had withdrawn tens of millions of shekels from the company. Heftsiba Jerusalem’s board fired Boaz Yona as CEO of that company last week.
Netanel told the investigators that he periodically notified Mordechai Yona about his son’s conduct, and even showed him documents and bank account statements showing the withdrawals, as well as daily bank transfers amounting to millions of shekels.
Boaz Yona’s former partner in the controlling interest in Heftsiba Hofim Ltd. (TASE:HFZB.B1) and Y.B.S.N. Investments Ltd. (TASE:YBSN), Nissim Cegron, said that Mordechai Yona was the backbone of Heftsiba Building. Cegron, a French citizen, said that Mordechai Yona played an active role in the company and backed all decisions made by Boaz Yona, saying “Mordechai Yona’s attempt to create the impression of an old man who had passed the baton on to his son is far from reality. Boaz was only the tool through which Mordechai Yona managed the company.”
Published by Globes [online], Israel business news - www.globes.co.il - on August 13, 2007
© Copyright of Globes Publisher Itonut (1983) Ltd. 2007